(1) The Principal Act is amended by the insertion of the following after section 87:
"87A. Deductions for gifts to Foundation for Investing in Communities.
(1) In this section, 'the Company' means the company incorporated on 11 November 1998 as The Foundation for Investing in Communities Limited or any of its 90 per cent subsidiaries as may be approved for the purposes of this section by the Minister for Finance.
(2) This section shall apply to a gift of money which -
(a) on or before 5 April 2001 is made to the Company and accepted by it,
(b) is to be applied by the Company solely for the objects set out in its memorandum of association,
(c) apart from subsection (3), would not be deductible in computing for the purposes of corporation tax the profits or gains of a trade or profession, and
(d) is not income to which section 792 applies.
(a) Subject to paragraph (b) and subsection (2), where a company (in this section referred to as a 'donor') makes a gift to which this section app
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